Purchasing condominiums is a huge undertaking, and therefore, one needs to consider key factors that will be considered before deciding on making the purchase. Unlike single-family homes, condos come with different aspects that need consideration from the buyer before settling for their choices. Read on to know six important factors you need to consider when looking for condos for sale Myrtle Beach.
1. Location
Location is the first and one of the most crucial factors when buying a condo. After all, for a reason, the adage of real estate holds right. The location of your condominium not only represents your standard of living there but also bears significance on the appreciation of the property after some time has elapsed.
Some factors to consider, for example, include the proximity of the unit to facilities such as schools, shopping centers, conventional public transportation routes, and recreational open spaces. Also, look into the neighborhood's safety and sense of community as well as plans of development for the future.
2. Homeowners Association (HOA) Rules and Fees
Condominium dwellings are usually governed by a Homeowners Association (HOA) that sets rules and regulations to reign in the community. Therefore, before buying one, review the set of rules as well as the fees from the HOA. Some will restrict pet ownership, exterior modification, noise levels, or all of the above. Determine if HOA's rules fit with your lifestyle.
Also, research the financial posture of the association based on its budget, reserves, and pending special assessments. Expensive HOA fees or associations that could be run better could positively impact your monthly expenses and also the long-term value of the investment.
3. Sizes of Units and Layout
Condo units are of various sizes and layouts, so select one according to your needs at present, keeping in view the possibility of changes taking place in the future. For the number of bedrooms and bathrooms, along with square footage.
Appreciate the functionality of the layout and whether it suits your kind of lifestyle. Remember that open floor plans might be trendy, but expect them to offer something other than the privacy or defined spaces you have in mind. Consider units that offer flexibility and suit your evolving lifestyle.
4. Common Area Amenities and Maintenance
Consider the common area amenities offered in the condo complex. Some amenities may include a pool, gym, concierge, and common areas. With that, consider these features and assess them according to your lifestyle and preferences. Ask how the common areas and facilities are being maintained. Clean and relaxing amenities add more value to your money as well as fun in your condo. Determine if the condominium has its management or if they outsource such maintenance.
5. Financing and Affordability
Before making any final decision about ownership of a condo purchase, give a second thought to your financial capacity to buy this condo and all possible financing available in the market for you. Condos for sale Myrtle Beach may require some financing requirements, and there might be some limitations that lenders are subjected to based on the financial strength of the condominium complex. Ensure your credit score is in shape and you have a bright understanding of your budget. Take into account some factors such as:
- The buying cost
- The closing costs
- Rental income taxes
- Possible HOA fees